And that’s good for Bitcoin
Monero is increasing its enthusiast base and threatens to overtake Bitcoin as the most popular digital currency.
But only on the dark web.
It is the safest digital currency than Bitcoin when it comes to privacy.
Unlike Bitcoin, Monero generates a new wallet address for each individual transaction.
With Bitcoin, one address is used for multiple transactions, which makes it easier to track via the publicly accessible blockchain.
Plus, transactions on the Monero blockchain remain invisible to the public. Unless you have the private viewing key for the transaction.
Monero is the bread and butter of the dark web
On December 18, 2016, it was in this currency that the VenusLocker hacker gang demanded ransom payments from 190,000 victims who saw their computers or servers taken hostage.
The authors of the WannaCry virus, which infected more than 300,000 machines in over 150 countries in May 2017, immediately converted the bitcoins paid to them by their victims into Monero to avoid being “traceable” by investigators.
Alphabay, a deep web marketplace known for offering illegal products, confirmed the integration of Monero in September 2016. Monero’s trading volume is also increasing.
The Bitcoin community itself is somewhat relieved because Monero is now the bread and butter of the dark web as a digital currency.
And that’s good for Bitcoin.
Because bitcoin’s reputation as a currency for criminals may start to disappear.
It is quite logical that a dark web marketplace would choose to integrate Monero. Unlike Bitcoin, Monero transactions are not publicly visible.
Monero still has a problem to face when it comes to privacy
With the low transaction volume, transactions can still be easily identified and not confused with the mass of transactions.
But the problem should also be solved soon, thanks to the rapid acceptance of the CryptoNote-based protocol.
If Monero’s adoption continues at this pace, the authorities will certainly have a hard time finding ways to track digital currency.
Bitcoin is not made to buy a cup of coffee
Sorry to say that so bluntly.
Stop treating bitcoin as an everyday means of payment.
It may work most of the time. But sooner or later you will be disappointed. Maybe Satoshi planned differently back then. But that is the reality in 2022.
The sooner you accept that and start looking for alternatives, the better. And of course, there are other options.
The possible alternatives can be divided into two categories: First, bitcoins cannot be transported on the blockchain, but rather offchain or via sidechain. Second, you can also simply use another cryptocurrency.
Of course, Bitcoin works perfectly most of the time.
Overall, it is quite complicated to switch to other levels with bitcoins.
Each tier has its pros and cons and needs its own software, without covering all the day-to-day transactions. The multiple layers break the unity and universality of normal bitcoin transactions, making them difficult to use.
It may be easier for you to use another cryptocurrency instead of Bitcoin if you are ideologically ready to do so.
With Monero, people can have peace of mind as the world around them becomes increasingly transparent and tyrannical.
If you know all about Monero, you can be one step ahead of the new global digital concentration that is being erected before our eyes.
One could almost say that not knowing how Monero works is unforgivable. So let’s not waste any time and get started right away.
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